Please provide typed answer in clear manner. No handwritten, please
Problem 1 (40 points): Using the trial balances below please prepare a government-wide statement of activities and statement of net position. Please format the financial statements properly, format will weigh significantly in the score. Business-type Activities Debit Credit 1,769,488 Component Units Debit Credit 24,403 294,299 306,657 1,146,518 359 19,853 96,232 26,842,029 96,453 54,819 974 143,636 992 39,753 79 34 5,830 645,000 6,768,819 2,293,358 1,961,415 Governmental Activities Debit Credit Pooled cash and investments 2,793,940 Cash and cash equivalent 3,112,700 Investments-at fair value 1,549,570 Receivables (net of allowance) 1,043,735 Due from primary government Inventories 237,343 Capital Assets not being depreciated 3,412,890 Capital Assets being depreciated, net 20,910,093 Accounts payable 203,854 Accrued payroll 128,535 Accrued interest payable 11,098 Due to component units 19,853 Long-term liabilities: due within one year 226,364 Long-term liabilities: due in more than one year 3,849,259 General governmental expense 3,776,182 Public safety expense 5,300,599 Public works expense 2,875,197 Recreation and culture expense 652, 101 Interest on long-term debt 42,394 Sewage expense Water expense Downtown Development Authority expense Redevelopment Authority expense General governmental charge for services 1,788,728 Public safety charge for services 1,611,281 Public works charge for services 316,994 Recreation and culture charge for services 226,079 Sewage charge for services Water charge for services General governmental operating grants 430,280 Public safety operating grants 914,735 Public works operating grants 1,008,897 Public safety capital grants 1,520 Recreation and culture capital grants 530,362 General revenue-Property taxes 3,830,486 General revenue-State shared revenues 1,126, 128 General revenue-Investment earnings 38,055 General revenue-Miscellaneous 4,044 Net Position, Beginning 29,440,192 Total 45, 706,744 45, 706,744 Notes: (1) $1,668,625 of debt is related to capital assets for the governmental activities. (2) $7,413,819 of debt is related to capital assets for the business-type activities. (3) $5,966,950 of net position is restricted for governmental activities. (4) $3,038,282 of net position is restricted for business-type activities. (5) $5,830 of debt is related to capital assets for the component units. (6) $0 of net position is restricted for the component units. 109,098 173,255 2,305, 112 2,119,726 246,792 9,812 9,490 22,382,847 34,415,697 509,340 772,539 34,415,697 772,539 Problem 1 (40 points): Using the trial balances below please prepare a government-wide statement of activities and statement of net position. Please format the financial statements properly, format will weigh significantly in the score. Business-type Activities Debit Credit 1,769,488 Component Units Debit Credit 24,403 294,299 306,657 1,146,518 359 19,853 96,232 26,842,029 96,453 54,819 974 143,636 992 39,753 79 34 5,830 645,000 6,768,819 2,293,358 1,961,415 Governmental Activities Debit Credit Pooled cash and investments 2,793,940 Cash and cash equivalent 3,112,700 Investments-at fair value 1,549,570 Receivables (net of allowance) 1,043,735 Due from primary government Inventories 237,343 Capital Assets not being depreciated 3,412,890 Capital Assets being depreciated, net 20,910,093 Accounts payable 203,854 Accrued payroll 128,535 Accrued interest payable 11,098 Due to component units 19,853 Long-term liabilities: due within one year 226,364 Long-term liabilities: due in more than one year 3,849,259 General governmental expense 3,776,182 Public safety expense 5,300,599 Public works expense 2,875,197 Recreation and culture expense 652, 101 Interest on long-term debt 42,394 Sewage expense Water expense Downtown Development Authority expense Redevelopment Authority expense General governmental charge for services 1,788,728 Public safety charge for services 1,611,281 Public works charge for services 316,994 Recreation and culture charge for services 226,079 Sewage charge for services Water charge for services General governmental operating grants 430,280 Public safety operating grants 914,735 Public works operating grants 1,008,897 Public safety capital grants 1,520 Recreation and culture capital grants 530,362 General revenue-Property taxes 3,830,486 General revenue-State shared revenues 1,126, 128 General revenue-Investment earnings 38,055 General revenue-Miscellaneous 4,044 Net Position, Beginning 29,440,192 Total 45, 706,744 45, 706,744 Notes: (1) $1,668,625 of debt is related to capital assets for the governmental activities. (2) $7,413,819 of debt is related to capital assets for the business-type activities. (3) $5,966,950 of net position is restricted for governmental activities. (4) $3,038,282 of net position is restricted for business-type activities. (5) $5,830 of debt is related to capital assets for the component units. (6) $0 of net position is restricted for the component units. 109,098 173,255 2,305, 112 2,119,726 246,792 9,812 9,490 22,382,847 34,415,697 509,340 772,539 34,415,697 772,539
